SBI has revised the interest rates of its fixed deposits below Rs 1 crore with effect from Nov 28, 2018. However, how do they compare with the FD rates of other banks?

Besides SBI, several other banks have hiked their FD rates recently.

Soon after the nation’s leading banks such as HDFC Bank and ICICI Bank hiked their FD rates, the State Bank of India, India’s largest commercial bank, has revised the interest rates of its fixed deposits below Rs 1 crore with effect from November 28, 2018. The FD rates, however, have been revised by up to 10 bps only and that too for select tenures, for both the general public and senior citizens. Earlier, SB had revised the FD rates of both its retail and bulk term deposits on 30th July, 2018.

With the latest revision in interest rates, SBI’s retail domestic term deposits (below Rs 1 cr) of one year to less than two years will now provide 6.80% interest as against 6.70% before, while fixed deposits of two years to less than three years will now earn 6.80% interest as against 6.75% earlier. For senior citizens, while term deposits of one year to less than two years will fetch 7.30% interest as against 7.20% earlier, term deposits of two years to less than three years will now earn 7.30% interest as against 7.25% before.

Before SBI, ICICI Bank had recently hiked its FD rates by up to 25 bps, effective November 15, 2018. It had hiked the interest rates of its term deposits of less than Rs 1 crore by up to 25 basis points. The rate hike is applicable to various tenors for domestic term deposits as well as Non Resident Ordinary (NRO) & Non Resident External (NRE) term deposits.

With this increase, the bank is now offering a peak interest rate of 7.50% on term deposits with a maturity of above 2 years and up to 3 years, while senior citizens will get 8.00% for the same tenure.

The new term deposit rates of ICICI Bank, effective from Nov 15, 2018:

HDFC Bank is another bank which has recently hiked its FD rates. The bank hiked its FD interest rates by up to 50 basis points effective November 6, 2018. The rates were hiked on domestic, NRO and NRE term deposits below Rs 1 crore as well as above Rs 1 crore to less than Rs 5 crore. The last revision in the FD rates was done by HDFC Bank on October 6 this year.